Tue Feb 10 2015
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Live Index – Tue, 10 Feb 2015 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 +0.64%) this morning are up +0.18% and European stocks are up +0.60% on speculation Greece and its international creditors will work toward an agreement on Greece’s debt financing. Greek Prime Minister Tsipras is set to hold talks on Wednesday at an emergency meeting with Eurozone finance ministers in Brussels. According to an unnamed official representing the creditors, Greece has shifted toward a more cooperative tone in recent conversations with the troika. Two other troika officials said Greece may be given more time to present its complete proposals for a permanent arrangement if Greek Prime Minister Tsipras accepts he needs a new program and commits not to reverse the most important overhauls of the previous bailout agreement. Asian stocks closed mixed: Japan -0.33%, Hong Kong +0.03%, China +1.82%, Taiwan -0.30%, Australia -0.25%, Singapore +0.47%, South Korea -0.64%, India +0.45%. Chinese stocks closed higher on speculation that disinflation concerns will afford the government more room to ease monetary policy after China Jan CPI rose at the slowest pace in 5 years. Commodity prices are mostly lower. Mar crude oil (CLH15 -1.02%) is down -1.21% and Mar gasoline (RBH15 -0.29%) is down -0.65%. Apr gold (GCJ15 -0.51%) is down -0.39%. Mar copper (HGH15 -1.71%) is down -1.88%. Agriculture prices are lower ahead of the USDA’s Feb WASDE crop production report. The dollar index (DXY00 +0.26%) is up +0.39%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is up +0.27%. Mar T-note prices (ZNH15 -0.27%) are down -7.5 ticks at a 1-week low ahead of the Treasury’s $ 24 billion 3-year auction later today.

China Jan CPI rose at an +0.8% y/y pace, less than expectations of +1.0% y/y and the slowest pace of increase in 5 years. Jan PPI fell at a -4.3% y/y pace, a steeper drop than expectations of -3.8% y/y and the fastest pace of decline in 5-1/4 years.

UK Jan BRC sales like-for like rose +0.2% y/y, less than expectations of +0.5% y/y.

UK Dec industrial production fell -0.2% m/m, a bigger decline than expectations of -0.1% m/m. On an annual basis, Dec industrial production rose +0.5% y/y, right on expectations.

UK Dec manufacturing production rose +0.1% m/m and +2.4% y/y, better than expectations of -0.1% m/m and +2.0% y/y.

The Japan Dec tertiary industry index unexpectedly fell -0.3% m/m, weaker than expectations of unch m/m and matched the July 2014 decline as the largest decrease in 8 months.

U.S. STOCK PREVIEW

Today’s Dec JOLTS job openings report is expected to show an +18,000 increase to 4.990 million, thus extending November’s sharp +142,000 increase to a 13-3/4 year high 4.972 million. The Treasury today will sell $ 24 billion of 3-year T-notes. There are 18 of the S&P 500 companies that report earnings today with notable reports including: Coca-Cola Co (consensus $ 0.42), Martin Marietta Materials (0.82), Rengeneron (2.82), Wyndham (0.84), Molson Coors (0.69), CVS Health (1.20), Genworth Financial (-0.19).

Equity conferences during the remainder of this week include: Stifel, Nicolaus Technology, Internet & Media Conference on Mon-Tue, BIO CEO & Investor Conference on Tue, Credit Suisse Financial Services Forum on Tue-Wed, Stifel Transportation and Logistics Conference on Tue-Wed, Goldman Sachs Technology & Internet Conference on Tue-Thu, Aviation Festival Asia on Wed-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, Leerink Swann Global Health Care Conference on Wed-Thu, Bank of America Merrill Lynch Rates and Currencies Risk Management Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, and Morgan Stanley Chemicals Corporate Access Day on Thu.

 

 

 

 

 

PREMARKET U.S. STOCKS

Starwood Hotels & Resorts Worldwide (HOT -0.60%) reported Q4 EPS of 97 cents, better than consensus of 76 cents.

Reynolds American (RAI -0.80%) reported Q4 EPS of 87 cents, right on consensus.

Regeneron Pharmaeuticals (REGN -1.75%) reported Q4 EPS of $ 2.79, below consensus of $ 2.82.

Wyndham Worldwide (WYN -1.27%) reported Q4 EPS of 90 cents, higher than consensus of 84 cents.

Molson Coors Brewing (TAP -1.06%) reported Q4 EPS of 55 cents, below consensus of 69 cents.

Bank of NY Mellon reported 7.72% passive stake in Dun & Bradstreet (DNB -1.78%) .

Crown Holdings (CCK -0.72%) reported Q4 adjusted EPS of 48 cents, right on consensus.

Pembroke Management reported a 6.83% passive stake in Healthstream (HSTM -0.49%) and a 7.85% passive stake in Franklin Covey (FC -1.60%) .

Molina Healthcare (MOH -2.36%) reported Q4 EPS of 69 cents, higher than consensus of 61 cents.

Franklin Resources reported a 5.7% passive stake in Sensient (SXT -5.61%) .

Aeropostale (ARO +5.18%) surged over 15% in after-hours trading after it reported Q4 revenue of $ 594.5 million, better than consensus of $ 577.67 million, and then raised guidance on Q4 EPS to a loss of -1 cent to -6 cents, better than consensus of -27 cents.

Urban Outfitters (URBN -0.44%) rose over 7% in after-hours trading after it reported Q4 revenue of $ 1.01 billion, above consensus of $ 997.69 million.

The Gap (GPS -1.65%) fell over 1% in after-hours trading after it reported January same-store-sales were down 3% versus positive 1% last year.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.64%) this morning are up +3.75 points (+0.18%). The S&P 500 index on Monday closed lower: S&P 500 -0.42%, Dow Jones -0.53%, Nasdaq -0.30%. Negative factors included (1) carry-over weakness from a slide in European stocks on Greek default concerns after Greek Prime Minister Tsipras vowed to negotiate an end to his country’s austerity measures, and (2) concerns about a global economic slowdown after China Jan exports unexpectedly fell -3.3% y/y, weaker than expectations of +5.9% y/y and the lowest in 10 months.

Mar 10-year T-notes (ZNH15 -0.27%) this morning are down -7.5 ticks at a 1-week low. Mar 10-year T-note futures prices on Monday closed lower. Closes: TYH5 -3.50, FVH5 -3.25. Bearish factors included (1) negative carry-over from Friday’s stronger-than-expected U.S. Jan payrolls report that brings the Fed closer to raising interest rates, and (2) supply pressures with the Treasury set to auction $ 64 billion of T-notes and T-bonds in the week’s Feb quarterly refunding.

The dollar index (DXY00 +0.26%) this morning is up +0.367 (+0.39%). EUR/USD (^EURUSD) is down -0.0048 (-0.42%). USD/JPY (^USDJPY) is up +0.32 (+0.27%). The dollar index on Monday closed lower: Dollar index -0.249 (-0.26%), EUR/USD +0.0014 (+0.12%), USD/JPY -0.486 (-0.41%). Bearish factors included (1) strength in EUR/USD which recovered from a 1-week low and closed higher after Eurozone Feb Sentix investor confidence rose to a 9-month high, and (2) comments from Treasury Secretary Lew that fueled long liquidation in the dollar when he said that the strength of the dollar will be discussed at the G-20 meeting currently underway in Istanbul.

Mar WTI crude oil (CLH15 -1.02%) this morning is down -64 cents (-1.21%) and Mar gasoline (RBH15 -0.29%) is down -0.0103 (-0.65%). Mar crude oil and Mar gasoline on Monday closed higher: CLH5 +1.17 (+2.26%), RBH5 +0.0147 (+0.94%). Bullish factors included (1) the weaker dollar, (2) carry-over support from Friday’s data from Baker Hughes that showed operating U.S. oil rigs in the week ended Feb 6 fell to a 3-1/4 year low of 1,140, and (3) the ongoing strike by the United Steelworkers union, which represents employees at more than 200 refineries and 10% of U.S. refining output, which may lead to reduced gasoline and distillate output.

GLOBAL EVENT CALENDAR02/10/2015
US0815 ETRichmond Fed President Jeffrey Lacker speaks on the economy at an event in Raleigh, North Carolina.
1000 ETDec wholesale inventories expected +0.1% m/m, Nov +0.8% m/m. Dec wholesale trade sales, Nov -0.3% m/m.
1000 ETDec JOLTS job openings expected +18,000 to 4.990 million, Nov +142,000 to 4.972 million.
1200 ETUSDA Feb WASDE crop production.
1300 ETTreasury auctions $ 24 billion 3-year T-notes.
EUR0400 ETECB Chief Economist and Bank of Portugal Governor Peter Praet and ECB Governing Council member Carlos Costa speak at a conference in Lisbon on Financial Stability and Macro-Prudential Policy.
UK0430 ETUK Dec industrial production expected -0.1% m/m and +0.5% y/y, Nov -0.1% m/m and +1.1% y/y.
0430 ETUK Dec manufacturing production expected -0.1% m/m and +2.0% y/y, Nov +0.7% m/m and +2.7% y/y.
U.S. STOCK CALENDAR02/10/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Martin Marietta Materials IncMLM USBef-mktQ4 2014 Earnings ReleaseQ4 20140.821
Omnicom Group IncOMC USBef-mktQ4 2014 Earnings ReleaseQ4 20141.254
PG&E CorpPCG USBef-mktQ4 2014 Earnings ReleaseQ4 20140.66
Regeneron Pharmaceuticals IncREGN USBef-mktQ4 2014 Earnings ReleaseQ4 20142.816
Wyndham Worldwide CorpWYN USBef-mktQ4 2014 Earnings ReleaseQ4 20140.844
Coca-Cola Co/TheKO USBef-mktQ4 2014 Earnings ReleaseQ4 20140.421
Molson Coors Brewing CoTAP USBef-mktQ4 2014 Earnings ReleaseQ4 20140.688
HCP IncHCP USBef-mktQ4 2014 Earnings ReleaseQ4 20140.77
Starwood Hotels & Resorts Worldwide IncHOT USBef-mktQ4 2014 Earnings ReleaseQ4 20140.755
Reynolds American IncRAI USBef-mktQ4 2014 Earnings ReleaseQ4 20140.869
CVS Health CorpCVS USBef-mktQ4 2014 Earnings ReleaseQ4 20141.203
Sealed Air CorpSEE US7:00Q4 2014 Earnings ReleaseQ4 20140.474
Dun & Bradstreet Corp/TheDNB US8:00Q4 2014 Earnings CallQ4 2014
Omnicom Group IncOMC US8:30Q4 2014 Earnings CallQ4 2014
Regeneron Pharmaceuticals IncREGN US8:30Q4 2014 Earnings CallQ4 2014
Wyndham Worldwide CorpWYN US8:30Q4 2014 Earnings CallQ4 2014
Sealed Air CorpSEE US8:30Q4 2014 Earnings CallQ4 2014
CVS Health CorpCVS US8:30Q4 2014 Earnings CallQ4 2014
Reynolds American IncRAI US9:00Q4 2014 Earnings CallQ4 2014
Coca-Cola Co/TheKO US9:30Q4 2014 Earnings CallQ4 2014
Starwood Hotels & Resorts Worldwide IncHOT US10:30Q4 2014 Earnings CallQ4 2014
PG&E CorpPCG US11:00Q4 2014 Earnings CallQ4 2014
Molson Coors Brewing CoTAP US11:00Q4 2014 Earnings CallQ4 2014
HCP IncHCP US12:00Q4 2014 Earnings CallQ4 2014
Molson Coors Brewing CoTAP US13:00Q4 2014 Earnings Call – Follow-up SessionC4 2014
Martin Marietta Materials IncMLM US14:00Q4 2014 Earnings CallQ4 2014
Western Union Co/TheWU US16:00Q4 2014 Earnings ReleaseQ4 20140.339
Akamai Technologies IncAKAM US16:30Q4 2014 Earnings CallQ4 2014
Western Union Co/TheWU US16:30Q4 2014 Earnings CallQ4 2014
Cerner CorpCERN US16:30Q4 2014 Earnings CallQ4 2014
Pioneer Natural Resources CoPXD USAft-mktQ4 2014 Earnings ReleaseQ4 20140.936
FMC Technologies IncFTI USAft-mktQ4 2014 Earnings ReleaseQ4 20140.785
Genworth Financial IncGNW USAft-mktQ4 2014 Earnings ReleaseQ4 2014-0.194
Akamai Technologies IncAKAM USAft-mktQ4 2014 Earnings ReleaseQ4 20140.633
Cerner CorpCERN USAft-mktQ4 2014 Earnings ReleaseQ4 20140.467

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